Chapter 13 Keeping Cars

For many people temporary job loss, health issues or other interruptions in their household income resulted in them missing several car payments. For many, they have paid on their vehicles for years dutifully and on time, only to find that after one, two or even three missed car payments their lender wishes to repossess their vehicle.

For those not intending to surrender their vehicle, there may be an answer. In a Chapter 13 bankruptcy, you will be allowed to take the payments you have missed on your vehicle and spread them out up to 60 months of payments. The ability to spread the missed payments out over 60 months in many cases is a saving grace as opposed to what most car lenders demand which is payment in full of all arrears before any payments will be applied to the regular monthly car payment going forward.

As such, the debtor availing themselves of a Chapter 13 plan in order to pay off their arrears, are allowed to pay those arrears over a time that is both comfortable and manageable. The debtor denies the lender no monies and is allowed to retain possession and use of their vehicle through out the entire process.

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